As an owner of a small business, your world is constantly challenged with risk. Competitors and regulators. Supply and demand. Your business’s success depends on your ability to react to forces beyond your control. This isn’t news to any small business owner who’s managed to stay solvent.
But how do you protect yourself against events that you’d rather not consider? How do you negate the risks that exist within your own team?
After the death of Steve Jobs, Apple was forced to face this personal and professional devastation to their business. Their stock immediately suffered. Investors doubted the tech giant’s ability to remain an industry leader without its mastermind. With billions of dollars in capital, reserves and hundreds of employees, Apple managed to persevere through the Jobbs-loss fallout.
Unpredictable tragedies are a part of life and can quickly mark the death of a small business. Most business owners lack the funds to get through these trials alone. Luckily, a number of insurers have emerged with coverage options tailored exactly to that–for small businesses like yours. Here are some liabilities to consider when deciding on insurance coverage for your business:
Overhead Expense Insurance
As a small business owner, you live your job. Your passion and leadership are essential to the evolution of your brand. The last thing you want to consider is an injury or illness that renders you unable to work. But the question is worth asking: How well would your business truly survive without you?
Overhead expense insurance is a cost-effective and readily available investment to provide peace of mind when you need it most. Business Overhead Expense insurance covers the bills that still need to be paid in your absence. Rent, property taxes, and office cleaning are just a few of the covered expenses, leaving you to focus on a healthy return.
Key Person Insurance
No business owners achieve success without a strong team around them. As your brand grows, the importance of your key employees will deepen. These individuals will quickly become your brand’s most valuable assets. Their value to your continued growth must be acknowledged and protected. Key Person Insurance insulates your brand from the injury or death of an essential team member. The coverage provides a hefty lump-sum payment to cover the financial hit that is sure to follow the accident.
Partnership Insurance
A business partner is someone who remained by your side through thick and thin. Together, you’ve managed the booms and busts of the market and built an enterprise. Partnership Insurance is a prudent measure to ensure the continuity of your brand after you are gone.
This type of insurance is often carried out through life insurance coverage for each partner. In the event of a partner’s death, the policy will payout to the remaining owners who will use the funds to purchase the shares owned by the Deceased.
How Much is Small Business Insurance
Small business insurance can be customized to meet the needs of each individual business. It is hard to quote a general price as the amount of coverage, size of the business, and needs will change premiums. I offer many different options of insurance giving you a specialist who can cover small business insurance, employee benefits, and life insurance.
Call me or fill out our free quote form. I’d love to help you design a plan that suits your unique business needs.
